Rupee lower for third session; oil demand eyed

Reuters Staff

1 Min Read

A worker at a fuel station checks a 500 Indian rupee note after filing a vehicle with fuel in Kolkata February 3, 2011.Rupak De Chowdhuri/Files

Reuters Market Eye - The rupee extends losses for third session. The pair is at 53.44/45 versus 53.22/23 close on Thursday. Dollar demand for oil refiners will be watched at lower levels, and stock market performance will be key.

Private bank dealer says 53.20 should hold on downside with 53.58-61 first resistance and 53.75-78 next level to watch.

The euro hovers near a two-week low on Friday after the ECB chief said on Thursday he would monitor the impact of the currency's strength, making more straightforward remarks on the exchange rate than many had expected.

The government raised $2.15 billion by selling shares in NTPC, with more than half of shares on offer bid by foreigners. Stake sales in four more companies are likely by March.